Is Citi (C) Just Trying To Look Less Stupid...Or Did Its Lawyers Screw Up?

CNBC and FBN have both reported that Citi (C) "believes" it has
an exclusivity provision with Wachovia (WB) and is therefore
considering suing now that Wachovia has run off with Wells Fargo
(WFC).

"Believes?" What does that mean Citi "believes"?

Citi either has exclusivity with Wachovia or it doesn't. A quick
scan of the agreements signed so far should immediately make
clear which.

So what does Citi mean by "believes"? In our opinion, one
of two things:

Either Citi is trying to look less stupid after being left at the
altar by a company it thought it had saved. Or...Citi's
lawyers really screwed up--by forgetting to add an exclusivity
provision. Or both.

Don't forget...this deal was done overnight. Whatever
documentation there is was probably produced between 2am and 6am
and proofed by a few frazzled associates. It is conceivable that
someone on Wachovia's team managed to sneak "exclusivity" out of
the contract (or made sure it was never there in the first
place).

In any event, enough with Citi "believing" it has exclusivity.
Does it or doesn't it? Let's see the documents!